Ivey and Balzac Had a Partnership That Distributed Profits in a Ratio

question 45

Multiple Choice

Ivey and Balzac had a partnership that distributed profits in a ratio of 1:3 respectively.At the end of 2014,they agreed to liquidate the partnership.Prior to liquidation,the partnership had Cash of $50,000,Inventory of $75,000,Equipment (net_of $235,000,and no payables.Partner capital balances were: $\text { Ivey: } \$ 100,000 \quad\quad \text { Balzac: } \$ 260,000$ The inventory was sold for $59,000 and the equipment was sold for $243,000.After the assets were sold,what was Ivey's and Balzac's capital balance?

• A) $90,000 and $176,000 respectively
• B) $106,000 and $254,000 respectively
• C) $ 98,000 and $278,000 respectively
• D) $98,000 and $254,000 respectively

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Definitions:

Clone Method

The Clone Method in Java is used to create a new instance of an object that is identical to the object it is called on.

Deep Copy

In programming, creating a new object that is an exact copy of an existing object, including duplicating objects referenced by the original object.

Binary Search Tree

A type of data structure that organizes elements in a hierarchical manner, where each node has at most two children sorted in a specific order for efficient search operations.

Cloneable Interface

An interface in Java that indicates an object can be cloned, or an exact copy of an object can be created.